#1Interim Results 2022 New Category Growth Driving Faster Transformation Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director BAT A BETTER TOMORROW#2BAT A BETTER TOMORROW Important Information The information contained in this presentation in relation to British American Tobacco p.l.c. ("BAT") and its subsidiaries has been prepared solely for use at this presentation. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. References in this presentation to 'British American Tobacco', 'BAT', 'Group', 'we', 'us' and 'our' when denoting opinion refer to British American Tobacco p.l.c. and when denoting business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. The information contained in this presentation does not purport to be comprehensive and has not been independently verified. Certain industry and market data contained in this presentation has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. Forward-looking Statements This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. This presentation contains certain forward-looking statements, including "forward-looking" statements made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. These include statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the British American Tobacco Group (the "Group") operates, including the projected future financial and operating impacts of the COVID-19 pandemic. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors. It is believed that the expectations reflected in this presentation are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated. In particular, among other statements: (i) certain statements in the opening section (slides 9, 12, and 18); (ii) certain statements in Tadeu Marroco's section (slides 23, 26, 32 and 40); and (iii) certain statements in Jack Bowles' section (slides 43, 44 and 45). Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; the inability to develop, commercialise and deliver the Group's New Categories strategy; adverse litigation and dispute outcomes and the effect of such outcomes on the Group's financial condition; the impact of significant increases or structural changes in tobacco, nicotine and New Categories related taxes; translational and transactional foreign exchange rate exposure; changes or differences in domestic or international economic or political conditions; the ability to maintain credit ratings and to fund the business under the current capital structure; the impact of serious injury, illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; and changes in the market position, businesses, financial condition, results of operations or prospects of the Group. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward-looking statements reflect knowledge and information available at the date of preparation of this presentation and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking statements. No statement in this presentation is intended to be a profit forecast and no statement in this presentation should be interpreted to mean that earnings per share of BAT for the current or future financial years would necessarily match or exceed the historical published earnings per share of BAT. 2#3Important Information BAT A BETTER TOMORROW Forward-looking Statements (continued) Additional information concerning these and other factors can be found in BAT's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov, and BAT's Annual Reports, which may be obtained free of charge from the British American Tobacco website www.bat.com. Additional Information All financial statements and financial information provided by or with respect to the US or Reynolds American Inc. ("Reynolds") are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the US business/Reynolds. This financial information is then converted to International Financial Reporting Standards as issued by the IASB for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in this presentation relates to the US or Reynolds it is provided as an explanation of, or supplement to, Reynolds' primary U.S. GAAP based financial statements and information. Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain oral products including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the US, are subject to the Food and Drug Administration ("FDA") regulation and no reduced-risk claims will be made to these products without agency clearance. No Profit or Earnings Per Share Forecasts No statement in this presentation is intended to be a profit forecast and no statement in this presentation should be interpreted to mean that earnings per share of BAT for the current or future financial years would necessarily match or exceed the historical published earnings per share of BAT. Audience The material in this presentation is provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The material in this presentation is not provided for product advertising, promotional or marketing purposes. This material does not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products are sold only in compliance with the laws of the particular jurisdictions in which they are sold. 3#4Interim Results 2022 New Category Growth Driving Faster Transformation Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director BAT A BETTER TOMORROW#5We are Transforming and Delivering Transforming our business Delivering robust financial results BAT A BETTER TOMORROW Successfully navigating the macro environment Superior shareholder returns: Dividend growth and £2bn Buyback 5#6H1 2022 - Transforming and Delivering Transforming our business Delivering robust financial results 20.4m adult consumers of Non-Combustible products* 45% New Category revenue growth** 50%+ (£281m) reduction in New Category losses*** Strong brands powered by innovation Group revenue up +5.7%; +3.7% at constant FX** Reported diluted EPS down -42.9% Adjusted diluted EPS up +5.7% at constant FX^ Confident in delivering FY22 guidance BAT ● A BETTER TOMORROW Successfully navigating the macro environment £1.5bn Quantum savings delivered 6 months ahead of target 90bps improvement in adjusted operating margin to 43.9%^^ Robust pricing - achieved c.90% of planned pricing £3.8bn YTD cash returns to shareholders: £2.5bn Dividends and £1.3bn Buyback Reducing the health impact of our business. Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. * See Appendix A6** At constant rates. See Appendix A2. *** Reduction versus H1'21 at constant rates at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including R&D, marketing) and before allocation of overheads. See Appendix A2.. ^On an adjusted constant rate basis. See Appendix A1 and A2. ^^ On an adjusted basis at current adjusted rates. See Appendix A1. 6#7Over 20m consumers of our Non-Combustible* products 8 2018 Dec Source: Company data. * See Appendix A6. 8.9 2019 Jun 30% 2018-2022 Compound Growth Rate 10.5 11.6 13.5 16.1 2019 Dec 2020 Jun 2020 Dec 2021 Jun Consumers of Non-Combustible products 18.3 2021 Dec BAT A BETTER TOMORROW 20.4 2022 Jun 7#8Strong New Category revenue momentum 31% 2018-2022 NC Revenue CAGR HI19 H2'18 12 months to Jun 2019 HT20 H2'19 H121 Source: Company data. Rolling 12 months trading New Category revenue to June each year. * Growth versus FY21. H2'20 12 months to Jun 2021 HI22 12 months to Jun 2020 New Category revenue (Rolling 12 months trading) H2'21 12 months to Jun 2022 BAT A BETTER TOMORROW Non-Combustible % of Group Revenue 14.6% +2ppts* 8#9On track for £5bn New Category revenue and profitability** by 2025 50%+ Reduction in New Category losses* in H1 2022 >£lbn Invested in New Categories in H1 2022 1/3 New Category loss reduction driven by pricing 10% Reduction in New Category losses* in 2021 2/3 New Category loss reduction driven by scale and efficiencies Continuing to invest in our transformation 9 New Category countries profitable** BAT A BETTER TOMORROW *Reduction in losses at category contribution level. H1'22 reduction versus H1'21 and 2021 reduction versus 2020. **Profitability at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including R&D, marketing) and before allocation of overheads. 9#10glo hyper X2 - New smaller, lighter device glo PLEASURE REDEFINED, YOUR WAY LOOKS GREAT, TASTES GREAT • Dedicated Boost button for maximum taste satisfaction Improved LED status indicators Convenient iris shutter J NEW HYPER X2 10#11glo hyper X2 - now launched in Japan glo do neo Rich Tobacco designed for glo Health Warning do neo Rounded Tobacco desproptor alo Health Warning do neo Gold Tobacco or glo designed for Health Warning do neo Smooth Tobacco designed for glo Health Warning do neo Skver Tobocco designed for or glo Health Warning neo Wid Click designe Health Warning neo Arctic Cuck glo Health Warning neo Fresco Cuck designed for glo Health Warning 11#12Vuse Go - New disposable fast approaching #2^ in UK vuse GLOBAL VAPING BRAND" This product contains nicotine and is addictive. 18+ only. Read leaflet in pack. *Based on laboratory testing of newly manufactured product and may vary depending on individuals usage behaviour. "Based on Vype/Vuse estimated value share from RRP in measured retail for vapour (i.e. total vapour category value in retail sales) in the USA, Canada, France, UK, Germany as of December 2021. These 5 A Value share of disposables segment, UK. MORE FLAVOURS TO GO NEW VUSE GO DISPOSABLES UP TO 500 PUFFS* 12#13Vuse ePod 2+ - Our first Bluetooth connected device MY VUSE DEVICE MY USAGE STATS MY DEVICES MYVUSE CONNECTED JOHN'S ePod 2+ SHOP 90% CLOUD CONTROL FIND MY VAPE vuse WORLD 12:30 DEVICE SETTINGS > Vuse ePod 2+ MY WAY DEVICE LOCK FIND MY VAPE + CLOUD CONTROL 4 ! RECHARGE REMINDER* *MAY VARY BY OPERATING PLATFORM 13#14Velo - Driving growth through innovation and ESG #MOVEONTOVELO VII Empty can and recycle. MEDIUM Slim Format OZAA MEDIUM Polar Mint ●●00 Nicotine Pouches ..oo Empty Can Zand Recycle SMALL CAN BIG PLAN. MOVE ON TO VELO NICOTINE POUCHES IN A RECYCLABLE CAN. 18+ only. This product contains nicotine and is addictive. MILD ΟΤΕΛ OZ MINI Polar Mint YOU'VE GOT VELO VELO.COM/VELOSOPHY icotine ches INIW ULTRA X-Freeze 14#15H1 2022 Reported results* impacted by one-off items +5.7% Group Revenue -25.0% Profit from Operations * Results presented on a reported current rate basis. 28.6% Group Operating Margin -42.9% Diluted EPS BAT A BETTER TOMORROW Reported results most significantly impacted by c.£lbn impairment of Russian assets 15#16We are delivering robust financial results H1 2022 Adjusted +3.7% Group Revenue* +4.9% Profit from Operations** +5.7% Diluted EPS*** 43.9% Group Operating Margin*** 77% Operating Cash Conversion**** £3.8bn Cash returned to shareholders^ BAT A BETTER TOMORROW Confident in Full Year guidance * On a constant rate basis. See Appendix A2. ** On an adjusted, constant rate basis. See Appendix A1 & A2. *** On an adjusted current rate basis. See Appendix A1. **** See Appendix A8. ^ Consisting of £2.5 billion of dividends paid to shareholders and £1.3 billion of share repurchases. 16#17Successfully navigating the challenging macro environment Quantum £1.5bn Annualised cost savings * Growth versus H1'21. On an adjusted basis at current rates. See Appendix A1. Agility Successfully managing inflation Activating Business Continuity Plans Ensuring end market supply continuity BAT A BETTER TOMORROW Margin expansion* 43.9% +90bps 17#18● Full Year 2022 - Transforming and Delivering Transforming our business Continued New Category growth momentum ● • Strong H2 investment plans • Further New Category loss* reduction ● Delivering robust financial results Revenue growth of 2-4%** Mid-Single figure EPS growth** *** • Continued strong cash generation Successfully navigating the macro environment ● BAT A BETTER TOMORROW ● Leveraging our organisational agility Quantum savings in excess of £1.5bn Continued pricing power^ Committed to delivering long term sustainable shareholder value * Reduction at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including R&D, marketing) and before allocation of overheads. ** On a constant rate basis. See Appendix A2. *** On an adjusted, constant rate basis. See Appendix A1 & A2. ^ References to pricing power reflect our balanced portfolio across price tiers and low global elasticities for our combustible products. The terms are not intended to reflect any of the Group's future pricing intentions. 18#19Tadeu Marroco Finance and Transformation Director BAT A BETTER TOMORROW#20H1 2022: Robust financial results Revenue New Category Revenue Operating Margin Profit From Operations Diluted EPS REPORTED H1 2022 @ Current rates +5.7% +45.4% -11.7 ppts -25.0% -42.9% ADJUSTED H1 2022 @ Constant rates +3.7%* +45.0%* +90 bps** *** +4.9%* Comparison versus H1'21. * On a reported, constant rate basis. See Appendix A2 ** On an adjusted, current rate basis. See Appendix A1 .*** On an adjusted, constant rate basis. See Appendix A1 & A2. *** +5.7%* BAT A BETTER TOMORROW 20#21Delivering robust financial results +3.7% +4.8% Group Revenue* Combustibles Price/Mix** Jl +45% New Category Revenue* -4.2% Combustibles BAT Volume +10bps Cigarette & THP Value Share^ .... +4.9% Adjusted Profit from Operations* BAT £2.3bn 7 A BETTER TOMORROW Free Cash Flow** *** EPS* +5.7% Adjusted Diluted Share growth YTD versus FY21. Financials growth versus H1'21. Source: Company data. * On a constant rate basis. See Appendix A2. ** Price/mix defined in Appendix A4. ^ See Appendix A3. *** Free Cash Flow before payment of dividends. See Appendix A1 & A7. 21#22● ● Strong revenue growth ahead of volume growth across all three New Category brands glo ● vuse CHARGE BEYOND This product contains nicotine and is addictive. 18 only. Read leaflet in pack SWITCH ON TO VUSE THE #1 VAPING BRAND TRUSTED BY MILLIONS WORLDWIDE GLOBAL VAPING Revenue up +48% Volume up +19% Category Share** 34.7% Brand Power^ +7% ● ● ● glo TASTE REDEFINED, YOUR WAY LOOKS GREAT, TASTES GREAT NEW HYPER X2 Revenue up +44% Volume up +30% Category Share** 19.6% Brand Power^ +9% #MOVEONTOVELO ● ● ● Empty can and recycle BAT A BETTER TOMORROW VELO 99% LESS TOXICANTS 100% VELO ENJOYMENT. MOVE ON TO HANDS-FREE VELO NICOTINE POUCHES. *** OVAA Revenue* up +37% Volume up +10% Category Share** 31.4% Brand Power^ +5% VIL YOU'VE GOT VELO VELOCOM/VELOSOPHY Underpinned by science and ESG Growth versus H1'21. *Revenue growth at constant rates. See Appendix A2. **For share definitions, see Appendix A3. Vapour value share across Top 5 markets: US, Canada, UK, France, Germany. T5 represent c.80% of Vapour industry revenue (closed-system). Velo volume share across Top 5 Modern Oral markets: US, Sweden, Denmark, Norway, Switzerland and now excludes Germany. Glo volume share across Top 9 THP markets: Japan, South Korea, Russia, Italy, Germany, Romania, Ukraine, Poland and Czech Republic. Top 5 22 represent c.80% of Modern Oral industry revenue. Top 9 represent c.80% of THP industry revenue. Velo brand represents over 75% of our Modern oral volume. *** To read the Velo advertisement disclaimer in full, please see Appendix A9. ^ Brand Power is based on KANTAR's proprietary 'BrandZ' Framework. It measures consumers 'Share of Heart' i.e. how likely are they to choose the brand over other brands and is expressed as a share.#23Further reduction in New Category losses of £281m* Revenue Growth Management Reduced Cost of Goods Optimised Marketing Investment ● ● ● ● Prices increased in all 3 New Categories across both devices and consumables Improved Trade Margins for Vuse*** Further scale benefits c.£120m productivity savings delivered Vuse Cost of Goods per unit down 17% driven by automation Marketing Spend Effectiveness Leveraging data and analytics Reduced Consumer acquisition^ and retention costs ● **** Vuse 35% improvement glo 30% improvement Velo 35% improvement BAT A BETTER TOMORROW * Reduction in losses versus H1'21 at category contribution level. Profitability by 2025 at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including R&D, marketing) and before allocation of overheads ** Reference to trade margins is to recommended margins based on recommended resale prices. *** Across New Categories. Target market for acquisition is existing adult smokers/nicotine users. 23#24Vapour: Vuse extends global leadership despite growth in disposable segment Growing Vuse revenue faster than volume +48% Vuse revenue growth* +19% Vuse volume growth BAT 34.7% + 120 bps Vuse value share of Vapour category** A BETTER TOMORROW Vuse value share momentum continues 49.8% + 670 bps Vuse value share of Vapour category (ex-disposables)** Revenue and volume growth versus H1'21.* Revenue growth at constant rates. See Appendix A2. **Share growth versus FY21. For share definitions see Appendix A3. Vapour value share across Top 5 markets: US, Canada, UK, France, Germany. T5 represent c.80% of Vapour industry revenue (closed-system). *** Value share of closed systems (excluding disposables) across Top 5 markets. 24#25Vuse growing closed system value share in all T5** BAT A BETTER TOMORROW 42.1% 33.4% US Continued closed system momentum across T5** Markets (c.80% of Industry Revenue) UK 49.2% 37.8% 3Q21 4021 1022 2022 Quarterly average Disposables Industry Value Share* 22.2% YTD 83.3% Canada 89.0% 3Q21 4021 1022 2022 Quarterly average Disposables immaterial 31.0% 15.6% 39.9% 9.2% I 3Q21 4021 1022 2022 Quarterly average Vuse share of Total Vapour Category Disposables Industry Value Share* 59.8% YTD 76.8% 45.8% France 1 88.2% 39.6% 3Q21 4021 1Q22 2Q22 Quarterly average Disposables Industry Value Share* 22.8% YTD Vuse share of Closed systems ex-disposables 61.7% Germany 63.9% 37.8% 3Q21 4021 1022 2022 Quarterly average Disposables Industry Value Share* 28.8% YTD Source: BAT value share of total Vapour monthly average of quarter share to May 2022. BAT value share of closed systems excluding disposables- monthly average of quarter share to May 2022. US Marlin, Canada Scan, UK Nielsen, France Strator & Germany Nielsen. * See Appendix A3 for Value share definition.** T5 represent c.80% of total Vapour industry revenue (closed-system). 25#26Vuse Go disposable already launched in UK, rapid H2 roll out planned in Europe ● Already #3 Disposables Share* Fast approaching #2 Disposables Share* Premium price positioning Very limited cannibalisation Take-back scheme for devices Strong Youth Access Prevention controls with Verify platform for retailers Source: BAT value share of total vapour - monthly average of quarter share to May 2022. UK Nielsen. See Appendix A3 for Value share definition. Vuse DATO ТТ Shitet * Vuse THERANG ADE NEW VUSE GO DISPOSABLES BOLD FLAVOURS READY TO GO vuse BAT MORE FLAVOUR, LESS HASSLE. UP TO 500 PUFFS. Explore at Vuse.com UNLOCK YOUR A BETTER TOMORROW INBIDE SA CREATIVITY KKKKKK vuse GO vuse GO vuse GO Vuse PICK UP YOUR DEVICE vuse GO 26#27THP: glo continues to grow rapidly driven by hyper glo Growing glo revenue faster than volume +44% glo revenue growth* +30% glo volume growth BAT 19.6% + 160 bps glo volume share of THP category** glo volume share momentum continues A BETTER TOMORROW 3.3% + 70 bps glo volume share of total nicotine (FMC+THP)** Revenue and volume growth versus H1'21.* Revenue growth at constant rates. See Appendix A2. **Share growth versus FY21. For share definitions see Appendix A3. glo volume share across Top 9 THP markets: Japan, South Korea, Russia, Italy, Germany, Romania, Ukraine, Poland and Czech Republic. Top 9 represent c.80% of THP industry revenue. 27#28glo share of total nicotine* up YTD in all T9 markets BAT A BETTER TOMORROW 7.0% Japan +0.6 ppts YTD 7.3% 3Q21 4021 1022 2022 Quarterly average 20.5% Category share YTD Record YTD glo Nicotine* Share in many key markets (c.80% of Industry Revenue) 1.8% Italy +1.0 ppts YTD 2.8% 3Q21 4021 1Q22 2Q22 Quarterly average 15.4% Category share YTD 0.7% Romania +0.3 ppts YTD 1.0% 3Q21 4021 1Q22 2Q22 Quarterly average 19.2% Category share YTD 1.5% Poland +1.9 ppts YTD 3.2% 3Q21 4021 1022 2022 Quarterly average 30.2% Category share YTD 0.7% Czech Rep +1.0 ppts YTD 1.8% 3021 4021 1022 2022 Quarterly average 12.6% Category share YTD * Share of Cigarette + THP nicotine volume - monthly average of quarter share to May 2022. Japan - CVS-BC Vol. Share of FMC+THP+Hybrid; Italy, Romania, Poland and Czech - Nielsen Vol. Share of FMC+THP. See Appendix A3 for Volume share definition. Category share of THP volume year to date average May 2022. Across Top 9 THP markets: Japan, South Korea, Russia, Italy, Germany, Romania, Ukraine, Poland and Czech Republic. T9 represent c.80% of THP industry revenue. 28#29glo hyper X2 launched in Japan glo がリスク低減の可秘めた製品 であることを裏付け 基づいています 。 この製品にはリスクがないわけでは 性があります。 PO glo そのひとときに、洗練を 驚きの詰まった、新世代のglo plo NEW HYPER X2 uolo そのひとときに、 ブーストを。 の詰まった、新世代のglo"。 そのひとときに、喜びを。 まったのglo NEW HYPER X2 NEW HYPER X2 加熱式たばこの煙) は、周りの人の健康への が否定できません。 法で禁じられ ている場所では喫煙でき ません。 ¥4 SS.CO ENT カ ACCO for glor 加熱式たばこの煙) は、周りの人の健康への 悪影響が否定できません。 健康増進法で禁じられ ている場所では喫煙でき ません。 ala glo hyper neo 加熱式たばこの は周りの人の健康への 「悪影響が否定できません。 glo hyper neo brigins 加熱式たばこの煙(蒸気) は、周りの人の健康への 悪影響が否定できません。 健康増進法で禁じられ ている場所では喫煙でき ません。 KOL Xneo MAN MENYRO designed for do glo 加熱式たばこの煙(蒸気) は、周りの人の健康への 悪影響が否定できません。 健康増進法で禁じられ ている場所では喫煙でき ません。 れる。 した 29#30Modern Oral: Velo continued International leadership* VII VELO Growing Velo revenue faster than volume +37% Velo revenue growth** +10% Velo volume growth BAT Maintaining European leadership in a fast growing category 31.4% -3.4 ppts Velo volume share of Global Modern Oral category* A BETTER TOMORROW 69.2% -30 bps Velo volume share of European Modern Oral category* *** *** * Velo is volume share leader in 4 of the international top 5 (i.e. excluding the US).** Revenue and volume growth versus H1'21. Revenue growth at constant rates. See Appendix A2. ***Share growth versus FY21. For share definitions see Appendix A3. Velo brand represents over 75% of our Modern oral volume. Velo volume share across Top 5 Modern Oral markets: US, Sweden, Denmark, Norway, Switzerland and now excludes Germany. 30#31Velo: Continued International leadership* Continued Share Growth Across Key** Markets (c.80% of Industry Revenue) Norway 10.0% USA 2.0% 4 3Q21 4021 1022 2022 Quarterly average share of Modern Oral Share of total Oral 6.3% 1.5% 61.3% 8.9% Sweden 57.7% 10.2% 3Q21 4021 1022 2022 Quarterly average share of Modern Oral Share of total Oral 64.4% 18.9% 64.3% 21.1% 3Q21 4021 1022 2022 Quarterly average share of Modern Oral Share of total Oral 93.8% 85.3% Denmark 92.0% 86.2% 3Q21 4021 1022 2022 Quarterly average share of Modern Oral Share of total Oral + Switzerland 91.5% BAT A BETTER TOMORROW 56.3% 93.0% 61.6% 3Q21 4021 1022 1022 Quarterly average share of Modern Oral Share of total Oral Leader in 15 of 17 European markets * Volume share leadership in Top 5 markets. Velo is volume share leader in 4 of the international top 5 (i.e. excluding the US). ** Key markets: Sweden, Norway, Denmark, Switzerland, US and now excludes Germany. Volume share of Modern Oral category and volume share of total oral category - monthly average of quarter share to May 2022. See Appendix A3 for Volume share definition. 31#32Velo: Geo expansion driving growth in new markets BAT A BETTER TOMORROW UK volume share Leadership achieved ● 48% volume share* +19 ppts El VE LOV LOV PRODUCT OF YEAR EMPTY CAN AND RECYCLE C LO ELO 'ELO Consumer Survey of Product Innovation 2022 LOVELOVE O NICOTINE POUCHES PRODUCT OF THE YEAR 2022 GOTTA LOVE THAT VELO.COM VELO Polar Mint ●●00 Nicotine Pouches VELO Trade presence increased to c.28k stores 2022 Product of the Year winner Entering South Africa city pilot phase 2 Targeted activation plan with expanded distribution Berry Frost This product contains routine and adve The product cantare c Polar Mint Ruby Berry The product corsese ande Berry Frost 10 pouch mini can This product contains nicotine and is addictive 5 Further geographic expansion planned in H2 Reducing the health impact of our business. Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. * Volume share of Modern Oral category - year to date May 2022. See Appendix A3 for Volume share definition. ** Conversion rates based on phase 1 consumer data. Polar Mint and is addictive U FOR ANEW SENSATIO YOU'VE GOT VELC 5 Ruby Berry and is addictive 5 pouch sachet pack > 30% conversion to active user** Expanding guided trial leveraging digital Building brand presence $.00 32#33Combustibles: Delivering value growth مرا +10.Uz bps Combustibles Value Share^ الله % -10. Combustibles Volume Share^ all bps +0.6 +4.8. Combustibles Revenue* Combustibles Price/Mix** % +20bps Strategic Brand Value Share^ MA +30 bps US value share^ TST 1907 DUNHILL TOBACCO OF LONDON LTD. AMERICAN SPIRIT KENT Newport LUCKY STRIKE BAT PALL MALL A BETTER TOMORROW CAMEL Rothmans OF LONDON 1890 Financials growth versus H1'21 ^ Share growth versus FY21. Cigarette share. See Appendix A3 for share definitions. Source: Company data. * On a constant rate basis. See Appendix A2. ** Price/mix defined in Appendix A4. The BAT Group does not own all brands featured in this presentation in all markets, e.g. BAT is the owner of Camel and Natural American Spirit in US only. 33#34H1 2022: All four regions contributing to results New Category Revenue* Combustible Value Share** EUROPE APME AMSSA USA Group +49.8% +15.9% +71.5% +59.2% +45.0% Revenue* +9.7% +4.7% +6.0% -0.3% +3.7% Financials growth versus H1'21 * On an adjusted constant rate basis. See Appendix A1 & A2. ** Value share of cigarettes v FY21. See Appendix A3. Source: Company data. -30bps +40bps -40bps +30bps +10bps BAT A BETTER TOMORROW Adjusted Profit from Operations* +11.7% -5.4% +6.5% +5.5% +4.9% 34#35US: Continued Vuse strength and robust pricing BAT in a challenging environment A BETTER TOMORROW -0.3% US Revenue Growth* +5.5% US Operating Profit Growth A میرا +59% +380bps US New Category Revenue Growth* Vapour value share .... +10% Combustibles Price/Mix^ +30bps US Combustibles Value Share** ● ● Vuse now #No.1 value share • 19.4% volume growth ● • 60% revenue growth* • 36.3% YTD May, up 380bps *** Sequential combustible volume share** growth since Jan 22 • Premium value share growth, supported by Newport and Natural American Spirit Financials growth versus H1'21. Share growth versus FY21. * On a constant rate basis. See Appendix A2. ** Combustible cigarette share. Source: Marlin. See Appendix A3 for share definitions. *** Vuse value share of total Vapour - monthly average of quarter share to May 2022. Source: US Marlin. See Appendix A3 for share definitions. ^ Price/mix defined in Appendix A4. Source: Company data. ^^ On an adjusted, constant rate basis. See Appendix A1 & A2. 36#36Strong Group Operating Margin expansion 43.0 H1 2021 Adjusted Operating Margin 0.5 Price/mix** and Operational Efficiencies * On an adjusted current rate basis. See Appendix A1. ** See Appendix A4. +90bps 0.9 +90 bps Margin improvement Incremental New Categories (0.5) Transactional FX BAT A BETTER TOMORROW 43.9 H1 2022 Adjusted Operating Margin* 38#37EPS*: Growth up +5.7% H1 2022 EPS growth benefitting from: > Operational performance > Increase in Associate Income driven by post COVID recovery in ITC > Share buyback FX translation tailwind +2.9% 154.2 H1 2021 8.4 Adjusted profit from operations *Adjusted, diluted, EPS at constant rates. See Appendix A1 & A2. -1.5 Net finance costs 1.3 -1.1 Associates +5.7% Adjusted diluted EPS* growth Taxation 0.1 BAT 167.4 1.6 4.4 163.0 TI Non- Diluted H1 2022 at FX controlling number constant impact interests of shares FX A BETTER TOMORROW H1 2022 at current FX 39#38Cash: On track for another year of strong cash conversion in excess of 90% Further strong cash flow delivery: Continued working capital focus ● ● Cash flow weighted to H2, as normal Well on track to deliver: ● New ways of working releasing cash from business ● Another year of strong operating cash conversion >90%* **** Adj. net debt to adj. EBITDA** expected within our 2-3x corridor H1 Operating Cash Flow Conversion 80% 65%* HT'20 67% H121 77% H122 Impact of US excise deferral * H1 2020 normalised for US excise deferral. ** Adjusted net debt to adjusted EBITDA at current rates. See Appendix A1 *** Free Cash Flow before payment of dividends. See Appendix A1 & A7. **** See Appendix A8. BAT A BETTER TOMORROW c.£40bn 5 Year Cumulative Free Cash Flow*** 40#39FY 2022 Guidance maintained irrespective of the BAT timing of the transfer of our Russian business A BETTER TOMORROW K a 2-4% Revenue Growth ** Mid-Single Figure EPS Growth** On a constant rate basis. See Appendix A2. ** Adjusted Diluted EPS on a constant rate basis. See Appendix A1 & A2. 41#40Jack Bowles Chief Executive BAT A BETTER TOMORROW#41We are delivering on our operational priorities STEP-CHANGE IN NEW CATEGORIES COMBUSTIBLE VALUE GROWTH SIMPLIFY THE COMPANY BAT Confident in FY 2022 guidance A BETTER TOMORROW Continued strong New Category momentum Delivering robust financial results Continued savings from Quantum 43#42Our Faster Transformation is well underway A BETTER TOMORROW™ Delivering on our Purpose BAT We are transforming and delivering Driven by our multi-category strategy ✔ Actively encouraging adult smokers to switch* * To reduced risk products. Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. A BETTER TOMORROW 44#43We are building A Better Tomorrow T TM From Cigarettes Declining Volume Growing Value 50 million consumers of Non-Combustible** products by 2030 K £5bn New Category Revenue by 2025 CO₂ A BETTER TOMORROW™ Carbon neutral operations Scope 182 by 2030** NET ZERO To BAT Net zero value chain emissions by 2050*** A BETTER TOMORROW Multi-Category CPG Nicotine & Beyond* Growing Volume & Value Eliminate unnecessary single- use plastic in our packaging & all plastic packaging recyclable by 2025*** Reducing the health impact of our business, based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive. * Beyond refers to Wellbeing & Stimulation. Expected target market for consumer acquisition is adult consumers seeking wellbeing and stimulation solutions in their daily lives. ** Consumers of Non-Combustible products definition. See Appendix A6. *** Environmental targets. See Appendix A5. ^ Capable of being reusable, recyclable or compostable. 45#44Interim Results 2022: Q&A BAT 4 A BETTER TOMORROW Pap H 9 # 1 S C ←512 2 d e V 1 4 1 8 b C Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director n T se h 6 BAT Find out more m 1 A Better TomorrowTM through science and innovation D U . k ✔ 8 1 1 About us > O 7 a 9 7 Our products 0 ✔ - - 4 ✔ How we work Sustainability waves Carbon-neutral Vuse is making Backspace 9 m Investors Coming soon-BAT's. year results#45Group Results excluding - Russia/Belarus Growth excluding Russia/Belarus H1'22 v H1'21 -3.4% Volume FMC & THP Revenue* NC Revenue* APFO** Consumers of Non-Combustible products*** Group excluding Group excluding Russia/Belarus H122 291bn (€ Millions) 12,264 1,220 5,398 (Millions) 19.0 Russia/Belarus H121 301bn (€ Millions) 11,861 837 5,160 (Millions) 15.1 +3.4% +45.7% +4.6% +25.8% Total Group Growth H1'22 v H1'21 -3.1% +3.7% +45.0% +4.9% +26.7% On a constant rate basis. See Appendix A2. ** On an adjusted constant rate basis. See Appendix A1 & A2. *** Consumers of Non-Combustible products. See Appendix A6. BAT A BETTER TOMORROW Group excluding Russia/Belarus FY21 608bn (€ Millions) 25,011 1,957 11,011 (Millions) 17.1 47#46Appendix A1: Adjusting (Adj.) Adjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence. BAT A BETTER TOMORROW A2: Constant currency Constant currency - measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the Group's results. The Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements. A3: Share metrics Volume share: The number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total units bought by consumers in the industry, category or other sub-categorisation. Sub categories include, but are not limited to, the total nicotine category, modern oral, vapour, traditional oral or cigarette. Corporate volume share is the share held by BAT Group/Reynolds (US region). Except when referencing particular markets, volume share is based on our key markets (representing over 80% of the Group's cigarette volume). Value share: The retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion. Nicotine share: The retail sales volume/value of the nicotine product sold as a proportion of total specified nicotine product volume/value in that market. In the US covers: Combustibles, vapour and total oral. A5: Environmental Targets Targets cover: climate change, water and waste, sustainable agriculture. Full details are available from the latest ESG Report British American Tobacco - Sustainability reporting (bat.com) A4: Price/Mix Price mix is a term used by management and investors to explain the movement in revenue between periods. Revenue is affected by the volume (how many units are sold) and the value (how much is each unit sold for). Price mix is used to explain the value component of the sales as the Group sells each unit for a value (price) but may also achieve a movement in revenue due to the relative proportions of higher value volume sold compared to lower value volume sold (mix). A6: Consumers of Non-Combustible Products The number of consumers of Non-Combustible products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group's Non-Combustible products. In markets where regular consumer tracking is in place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar). In markets where regular consumer tracking is not in place, the number of consumers of Non-Combustible products is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with adult consumer tracking (utilising studies conducted by third parties including Kantar). The number of consumers is adjusted for those identified (as part of the consumer tracking studies undertaken) as using more than one BAT Brand - referred to as "poly users". The number of consumers of Non-Combustible products is used by management to assess the number of consumers using the Group's New Categories products as the increase in Non-Combustible products is a key pillar of the Group's ESG ambition and is integral to the sustainability of our business. The Group's management believes that this measure is useful to investors given the Group's ESG ambition and alignment to the sustainability of the business with respect to the Non-Combustibles portfolio. A7: Free Cash Flow Net cash generated from operating activities before the impact of trading loans provided to a third party and after dividends paid to non-controlling interests, net interest paid and net capital expenditure. A8: Operating Cash Conversion Net cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations. A9: Velo advertisement disclaimer (slide 22) This product is not risk-free and contains nicotine, an addictive substance. Comparison based on an assessment of smoke from a scientific standard reference cigarette (approx. 9mg tar) and components released during use of a Velo pouch, in terms of the average of the 9 harmful components the WHO recommends to reduce in cigarette smoke. 18+ only. This product contains nicotine and is addictive. 48#47Interim Results 2022 New Category Growth Driving Faster Transformation Jack Bowles - Chief Executive | Tadeu Marroco - Finance and Transformation Director BAT A BETTER TOMORROW